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What Is a New Mexico Surety Bond?

Many New Mexico businesses need to provide a New Mexico surety bond, so they can operate legally in the state. Surety bonds are required to protect the state, and its citizens, from unethical businesses or individuals that might engage in fraudulent activities.

Your New Mexico surety bond works like a three-party contractual agreement. You are the principal who needs the bond, the obligee is the authority that requires it, and the surety is the entity underwriting the bond.

While there are numerous cases in which you might be asked to get bonded, the most common surety bonds fall into three categories:

If you want to obtain a business license as an auto dealer, freight broker, mortgage broker or the like, you will often need to get a license bond. Its purpose is to ensure your qualifications and lawful operation in your business field.

Contract bonds are required when construction contractors bid on private or public projects. Their goal is to protect the project owner, by guaranteeing that contractors will abide by their contractual obligations.

In some cases, a Maryland court might ask you to post a court bond. This is needed if you have to act as a fiduciary, or if you want to appeal a case to a higher court.

Below is a list with the most common Maryland surety bonds. If the one you need is not there, make sure to check the full list of surety bonds in the state, which is at the end of the page.

Can’t find the bond you need? Call us at (877) 514-5146 and we’ll help you out.

Frequently Asked Questions

How much does a New Mexico surety bond cost?

Your surety bond cost is formulated on the basis of the surety bond amount that you are required to post. This amount depends on the type of business you are in and your location. It can be a fixed amount for the whole country, a set amount for New Mexico or your local area, or it can be settled on a case-by-case basis.

The bond price you need to pay is only a percentage of this amount, called the bond premium. If you qualify for the standard bonding market, you can expect a premium between 1% and 4%.

When you apply for a bond, your surety will take a close look at your personal and business financials. It will consider your personal credit score, business finances and assets and liquidity. If your overall stats are solid, you can expect to pay less for the bond. Higher-risk applicants are assigned bigger premiums.

Can I get a New Mexico surety bond with bad credit?

Lance Surety Bonds have been underwriting New Mexico surety bonds for various types of businesses. We’ve seen many applicants struggling because of problematic finances, and that’s why we operate our Bad Credit Program.

If you have a low credit score, tax liens, past bankruptcies, or civil judgments, you can almost always still get bonded with us. You can expect a bond premium in the range of 5%-15%, which mitigates the higher risk of bad credit bonding.

Our program is here to help you stay in business and improve your finances over time. Because of our excellent relations with numerous A-rated, T-listed surety companies, you can be sure that you are getting a top bonding rate with us, whatever your credit score is.

What Our Clients Have To Say?

Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!

Andrew Poincot

Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!

Margie Martinez

We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!